Greycoat Real Estate Has Some Concerns About the Rental Market

The rental market in the UK is still rising in price but falling in void lengths, as Greycoat real estate specialists assure. A year-to-year comparison shows February 2024 is 7% higher than February 2023 within the housing industry. A month-to-month comparison shows a 1% price increase in February 2024 compared to January 2024. 

Our team confirmed these comparisons with Goodlord’s William Reeve, and he added that an increase in February is uncommon, Greycoat shares. The post-Christmas crunch normally cools down the market, but the rise shows that the market lacks inventory. As of February 2024, the average rental cost is 1,162 pounds, a 6.7% increase year-to-year. 

The southwest areas of England contributed the most. It rose 11% between February 2023 and February 2024. Second is the northeast with a 7.5% increase, Greycoat adds. Meanwhile, the West Midlands increased the least with 4.5% in the same timeframe. At 2,000 pounds per month, Greater London is the most expensive rental area, but it’s the second lowest at 5.4%.

Month-to-month average rental prices between January 2024 and February 2024 showed a 0.7% increase. The northwest is on par with the national average at 0.8%. The southeast and southwest increased the most at 2.6%. Greater London and the West Midlands are the only areas with a decrease. Last, Greycoat informs, the average void duration for rental vacancies between tenants is 18 days across England. 

There were reductions in days across the country, and only the southwest remained the same between January and February with 20 days. Greycoat Real Estate highlighted some of the data that Goodlord’s Rental Index revealed. It appears the void duration in the property purchase market is the only thing promising about the statistics. Still, we will continue to monitor the rental market and encourage tenants and landlords to let us help you secure a deal.

The rental market in the UK is still rising in price but falling in void lengths, as Greycoat real estate specialists assure. A year-to-year comparison shows February 2024 is 7% higher than February 2023 within the housing industry. A month-to-month comparison shows a 1% price increase in February 2024 compared to January 2024.    Our…